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Borrowers urged to 'dig out paperwork' as costs set to soar when mortgage deals end

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Many would have secured these products when the base rate was still around 0.5-1.0 percent so these homeowners are going to see the “biggest impact on their finances” when they apply for a new fixed term with the base rate likely to climb to four percent and by Spring 2023, she explained.

It is estimated that about 300,000 borrowers come off a fixed-rate deal every three months, (average 100,000 mortgage holders per month) and face steep rises in monthly repayments, according to The Guardian.

Bill Blain, from investment firm Shard Capital, said mortgage rates coming down depended on “when we can create stability again”.

He said: “There’s a lot of work to get UK interest rates to come back down especially when we still face an enormous inflation threat.

“The only way you can address inflation is by continuing to raise interest rates, so I think we’re a long way from seeing mortgage rates start to come down.”

READ MORE: Hundreds of homes to get energy bill refund after overcharging error



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